This news comes amidst a decline in funding for African startups, which dropped to $3.5 billion in 2023 after reaching a peak of $6.5 billion in 2022.

Each of the chosen startups will receive up to $200,000 in funding alongside entry into Madica’s 18-month program.

This program provides tailored company-building support to address the specific needs of each venture.

Madica’s Head, Emmanuel Adegboye, acknowledged the uneven distribution of venture capital in Africa and emphasized that the program aims to empower founders who are frequently overlooked by investors.

“These startups exemplify the unrealized potential of African entrepreneurs who lack crucial support due to a perception of high risk by global investors,” Adegboye said.

“Our mission this year is to empower more of these founders and integrate them into the global startup landscape.”

Launched in 2022 with the backing of Flourish Ventures, a US-based venture capital firm, Madica bridges the gap by offering funding, technological assistance, and mentorship to underrepresented founders across Africa.

The program tackles the distinct challenges faced by African startups, including limited access to capital, a lack of investors and mentors, and the absence of structured support systems.

These limitations hinder efforts to address critical issues and foster innovation, entrepreneurship, and wealth creation across the continent.

Investing in the Future of African Innovation

• Kola Market: Founded by Marie-Reine Seshie, this Ghanaian B2B platform empowers SMEs by streamlining sales, optimizing inventory management, and facilitating access to financing. The funding will enable Kola Market to test new initiatives and expand operations to deliver greater value to its customers.
• GoBEBA: Co-founded by Lesley Mbogo and Peter Ndiang’ui, GoBEBA is a Kenyan e-commerce platform that simplifies the purchase and doorstep delivery of essential bulky goods in urban areas, ensuring a safe, swift, and reliable service.
• NewForm Foods: This South African company, established by Brett Thompson and Tasneem Karodia, provides food producers and retailers with the tools to rapidly develop and scale cultivated meat production at a significantly lower cost than current industry standards.

Madica’s investment in these innovative startups signifies a commitment to nurturing the next generation of African entrepreneurs and propelling Africa’s future through technological advancements.

The identity of the investors remains undisclosed, but HyperionDev revealed the participation of 23 backers from various countries. The company plans to utilize the funds to bolster its presence in South Africa and the United Kingdom, while also entering new markets.

“This funding marks a significant chapter for HyperionDev,” said Riaz Moola, founder and CEO of the company. “It underscores the critical need for global skills development in today’s digital age.”

Moola highlighted HyperionDev’s existing partnerships with universities like Stellenbosch University in South Africa and Imperial College London in the UK.

He also mentioned new collaborations in North America, France, and Spain. These alliances, according to Moola, have solidified HyperionDev’s position as a frontrunner in global tech education.

The funding will also support the expansion of HyperionDev’s educational offerings and scholarship programs, including the HyperionDev Academy.

Emphasizing their commitment to South Africa, Moola stated, “We are actively seeking to partner with more universities nationwide and collaborate with the government to strengthen digital skills development and improve employability across the country.”

Founded in 2012, HyperionDev offers specialized, mentored coding bootcamps, both online and on-site at its campuses. These programs equip students with job-ready tech skills for careers in the technology sector.

The round was led by prominent investors DisrupTech Ventures and SS Capital, alongside participation from other undisclosed investors.

Bokra aims to revolutionize wealth management in the Middle East and North Africa (MENA) region by offering a unique platform for goal-based investing and saving through asset-backed securities.

Founded in 2023 by Ayman El-Sawy, Bokra empowers both retail and small and medium-sized enterprise (SME) investors to save and invest across various asset classes.

Traditionally, wealth management in the MENA region has been plagued by a lack of personalized financial planning, fragmented investment applications, and opaque fee structures.

Bokra tackles these challenges by offering a comprehensive solution through its upcoming Bokra app.

The app will provide users with personalized financial and investment plans tailored to their goals.

It will also allow for fractional ownership of a diverse range of investment products, enabling users to manage and grow their wealth more effectively.

“Bokra is poised to become the go-to platform for individuals and SMEs seeking to diversify their investment portfolios in a simple, trackable, and informed way,” El-Sawy remarked, highlighting the company’s commitment to promoting financial inclusion and investment awareness across MENA.

Mohamed Okasha, founder and managing partner at DisrupTech Ventures, expressed his enthusiasm, stating:

“Bokra’s launch is perfectly timed, as demand for alternative investment solutions is surging due to their attractive returns.”

Okasha further emphasized the significance of Bokra’s mission in a region with a high unbanked population.

“With a significant portion of the population lacking access to traditional banking services, we strongly support Bokra’s mission to disrupt the industry by offering the first goal-based, asset-backed securities products,” he said.

Bokra’s pre-seed funding will be used to launch the Bokra app, expand its investment product offerings, and geographically scale operations across the MENA region.

This surpasses the initial target of $150 million and positions TLcom as the continent’s largest investor in seed and Series A startups.

The fund attracted participation from both new and returning investors, including the European Investment Bank (EIB), AfricaGrow (a joint venture between Allianz and DEG Impact), Visa Foundation, and Bertelsmann.

These join existing investors IFC and CDC Group, who participated in the first close of the fund two years ago, alongside Nigerian investment bank, FBNQuest.

TLcom has traditionally focused on Sub-Saharan Africa, but with this new fund, they are expanding their reach into North Africa, starting with Egypt.

The fund has already made investments in two promising startups: South African fintech company littlefish and Egyptian logistics startup ILLA.

“Our investment strategy remains consistent,” said Maurizio Caio, Founder and Managing Partner at TLcom Capital.

“Similar to our first fund, over 80% of TIDE Africa Fund II’s investments will be at the seed or Series A stage. This allows us to partner with Africa’s most talented entrepreneurs early on in their journeys.”

TLcom will typically invest between $1 million and $3 million initially, with the potential for follow-on investments.

Despite recent challenges in fundraising for African startups, Caio highlights the significant growth of African venture capital since TLcom’s first fund. “Raising our first fund took three years,” he said. “Back then, the concept of investing in both Africa and VC was highly unconventional. Today, the landscape is completely different.”

TLcom currently manages over $300 million in assets and has invested in 17 startups, including the unicorn Andela.

Their previous fund backed successful companies like Kobo360, Vendease, Twiga Foods, Terragon, Okra, and Ilara Health. They have also supported repeat founders like Sim Shagaya, Etop Ikpe, and Grant Brooke.